When an individual creates a comprehensive estate plan, they often have to choose someone to act as the estate administrator. This is a role of great significance and should not be accepted lightly. The individual selected to act as the personal representative of one’s estate should understand before accepting that they will be responsible for completing all steps of the probate process and closing the estate.
This includes managing various legal, financial, and emotional aspects of the process, which can be overwhelming without proper guidance. It is important to speak with an attorney whether you are in the process of choosing an individual to act as your representative or if you have recently been selected to fill this role. The legal team at JDKatz understands that settling an estate is a very complex process. Our firm is here to help. Contact the Maryland estate administration attorneys at JDKatz today.
Responsibilities of the Personal Representative
When an individual dies, their personal representative’s job will truly begin. Of course, this is an emotional time, but it also requires that the representative starts to get the estate affairs in order. Establishing a clear plan and timeline for executing these responsibilities can mitigate stress and ensure nothing is overlooked during this challenging time. The personal representative must take the following steps to complete the process of closing the estate:
- First, they must file the decedent’s will with the Register of Wills. This should be done in the county where the decedent resided, regardless of whether the will has to go through probate.
- If necessary, the personal representative may also have to file a petition for probate with the Orphans’ Court.
- They will have to create an account of all of the decedent’s assets, beneficiaries, and any remaining creditors. They must also take an inventory of the assets and their appraised values.
- They must publish a statement in the local newspaper instructing anyone with a claim against the decedent to do so.
- Ensure all outstanding federal, state, and estate taxes are filed.
- Distribute all assets to beneficiaries named in the will.
- Handle any contested matters of the asset distribution amongst heirs.
- File a Certificate of Compliance to close the estate.
It can feel overwhelming for a personal representative to coordinate with all parties that may play a role in closing the estate. This may include trustees, attorneys, financial planners or accountants, beneficiaries, and creditors. An estate administrator must also be prepared to address potential disputes among the heirs, which can complicate the administration process. Depending on the circumstances, such legal issues may require mediation or litigation, underscoring the importance of having a knowledgeable attorney to assist throughout this journey. Additionally, as new laws and regulations may affect estate administration, staying informed is critical to ensuring compliance and making sound decisions.
Contact Our Firm
Navigating the responsibilities of a personal representative can feel daunting, especially when faced with emotional challenges. We encourage individuals to lean on their legal team to guide them through this process. A proactive legal approach can significantly streamline the administration process, allowing personal representatives to fulfill their duties efficiently and effectively while minimizing conflict. Maintaining open communication with beneficiaries can also foster understanding and mitigate potential tensions.
How an estate is administered depends on the deceased person’s estate planning decisions, specifically whether he or she adopted a will and/or placed his or her assets in a trust. Each type of administration involves specific tasks, responsibilities, and potential complications. Our attorneys help our clients get appointed as personal representatives, gain control of estate assets, and efficiently carry out their probate and trust responsibilities following the letter of the law. Our firm also represents estate administrators, trustees, and other interested parties in estate and probate litigation, including will contests and claims for breach of fiduciary duty. In these cases, we diligently protect our clients’ interests while pursuing resolutions to estate disputes. Contact our law firm today for more information.